The present disclosure relates to estimating costs associated with performing requested actions.
In management accounting, cost accounting establishes the budget and actual cost of operations, processes, departments or products and the analysis of variances, profitability or use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability. Cost estimation models are mathematical algorithms or parametric equations typically used to estimate the costs of a product or project. The results of the models are commonly needed to obtain approval to proceed, and are factored into business plans, budgets, and other financial planning and tracking mechanisms.